The Setting Every Community Up for Retirement Enhancement Act (SECURE Act), signed into law in 2019, changed how retirement accounts are treated after the account holder’s death, significantly affecting estate planning strategies. One of the biggest changes relates to how beneficiaries inherit and distribute retirement accounts, such as IRAs, which can result in a more […]
Category Archives: Wills and Trusts
Estate Planning Isn’t Defeat: A Vital Step for Peace of Mind During Breast Cancer Breast Cancer Awareness Month reminds us of the importance of supporting those facing a life-changing diagnosis. For many individuals battling cancer, estate planning is a task that gets put off due to a fear that taking this step somehow signals giving […]
Many people believe that trust planning is only necessary for those with large estates, but this is far from the truth. Trusts are valuable regardless of the amount of wealth you have. While estate size can matter, especially when it comes to estate tax planning, most trusts are set up for reasons that have nothing […]
You might wonder, “If the law already dictates that my loved ones will inherit my property under intestate succession, why bother with a will or trust?” While intestate succession laws in Texas do ensure that certain family members inherit, relying on those laws alone can lead to delays, higher costs, and unintended complications. Creating a […]
When planning your estate, choosing the right tool to ensure your assets pass smoothly to your heirs is crucial. For real estate, many people consider a Ladybird Deed. While a Ladybird Deed can be effective for simple transfers, it has significant limitations compared to a trust. This article will explain why a trust is often […]
When planning for the future, it’s important to consider estate tax, especially when you intend to pass on significant assets. Understanding how these taxes work, the current laws in Texas, and how they might affect your estate is crucial to ensuring that your loved ones are not burdened with unexpected tax liabilities. What Is Estate […]
When planning your estate, the goal is often to ensure your assets are managed smoothly and your wishes are honored without the need for court intervention. Many of the tools used in estate planning, such as trusts and powers of attorney, are designed to avoid guardianship. However, even with these safeguards, including a Declaration of […]
When you die without a will in Texas, your assets are distributed according to the state’s intestate succession laws. This means that instead of your estate being distributed according to your wishes, it will be divided based on a predetermined legal formula. Understanding these laws is crucial for Texans who want to ensure that their […]
Assets Change Ownership to Trust Make Trust the Beneficiary Real Estate ✅ Bank Accounts ✅ Investment Accounts ✅ Retirement Accounts (IRA, 401(k)) ✅ Life Insurance Policies ✅ Business Interests ✅ Vehicles ✅ Personal Property (Jewelry, Art, etc.) ✅ Safe Deposit Box ✅ Annuities ✅ Collectibles (Coins, Stamps, etc.) ✅ When using a trust-based estate plan, […]
Avoid These Estate Planning Mistakes Estate planning is essential to ensure your wishes are honored and your loved ones are cared for after you pass away. However, many people make significant estate planning mistakes that lead to stress, delays, and financial loss. In this article, we’ll explore the top five estate planning mistakes to avoid […]